OTHER NEWS - June 12, 1996

Thorn EMI Profit Jumps 27%: As the London-based music and furniture conglomerate prepares to split in two, it reported that profit rose 27% from $650 million in 1994 to $827 million for the year ended March 31. The firm’s music unit, home to the Virgin, Capitol and EMI record labels, is expected to be spun off in August after Thorn’s shareholders meeting. There has been widespread speculation in the record business that Walt Disney Co. is interested in buying EMI Music. In an interview, Chairman Sir Colin Southgate denied that EMI is on the auction block. Under the proposed breakup, Thorn EMI shareholders would receive one Thorn share for each Thorn EMI share. EMI’s record arm releases music by artists such as Janet Jackson and the Beatles.